The federal government has increased the price of petrol by Rs4.45 per litre while cutting the price of High-Speed Diesel (HSD) by Rs2 per litre on Wednesday.
The new rates place petrol at Rs333.01 per litre and HSD at Rs383.86 per litre. The government maintains a tax and duty levy of Rs110 per litre on petrol and Rs96 per litre on diesel.
A notification from the Petroleum Division stated that the updated rates take effect on August 6.
The drop brings HSD down from its April 3 peak of Rs520.35 per litre. Diesel prices began climbing from Rs281 per litre after conflict broke out between the United States (US) and Iran on February 28. Petrol had reached a peak of Rs458.41 per litre on April 3 after rising from Rs266 per litre during the first week of March.
Earlier, Petroleum Minister Ali Pervaiz Malik had announced that fuel prices will shift to a daily fixing system to match international market fluctuations caused by the Middle East conflict.
The government previously managed weekly price revisions starting in early March, combined with fuel conservation measures to handle supply disruptions. The federal government also launched targeted relief packages in April to supply subsidised fuel.
“The cabinet and the prime minister decided to give the Oil and Gas Regulatory Authority the responsibility of deciding fuel prices on a daily basis based on international market trends,” Malik stated.
Price shifts in petrol directly hit middle and lower-middle-class consumers who rely on two-wheelers, rickshaws, small vehicles, and private transport. HSD price adjustments impact the general public through heavy transport networks, power generation plants, and industrial generators.
Petrol and HSD drive state revenue through monthly sales reaching 700,000 to 800,000 tonnes, compared to monthly kerosene demand of 10,000 tonnes.
